Two-Family Property with Private
New
For Sale
$264,900
463465 463 465 Hazen St, Covington, KY 41016
Two residential units offer separate entrances plus shared basement laundry and storage areas.
Property Size2,730 SF
Price / SF$97.03
Days on Market6
Property Features for 463465 463 465 Hazen St
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Amenities
off-street parking
covered side porch
basement laundry area
storage
private entrances
large deck
back porch area
horseshoe pit
viewing deck
Building Details
Buildings
1
Listing Agency:
Coldwell Banker Realty FM
(859) 468-5023
Listed By:
Robin Donovan · License #188720
Source:
Lovdalgroup
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 5:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty FM
Investment Insights
Based on property information with market context.
This duplex contains two separate living units with private entrances and a combined 2,730 square feet of space. The first-floor residence includes one bedroom, living and dining rooms, and a covered side porch. The upper residence spans the second and third floors, with three bedrooms and an additional side room that can serve as office or playroom space. Both units connect to basement laundry and storage areas.
Outdoor features include a large deck, back porch, horseshoe pit, and viewing deck. The property is positioned in Covington, Kentucky, with wooded surroundings behind the site.
Outdoor features include a large deck, back porch, horseshoe pit, and viewing deck. The property is positioned in Covington, Kentucky, with wooded surroundings behind the site.
Key Highlights
- 2,730‑square‑foot duplex with two separate living units
- First‑floor unit includes 1 bedroom, living and dining rooms, and a covered side porch
- Second- and third‑floor unit offers 3 bedrooms plus an additional side room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,833
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$436,660
$436.7K
Cap Rate 7%
$311,900
$311.9K
Cap Rate 9%
$242,589
$242.6K
Market Conditions
NOI Build-Up for 2,730 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.9K $15.72/SF
− Vacancy
−$3.2K −$1.18/SF
EGI
$39.7K $14.54/SF
− OpEx
−$17.9K −$6.54/SF
NOI
$21.8K $8.00/SF
Area
Kenton County, KY
Vacancy
7.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$436,660
Cap Rate 7%
$311,900
Cap Rate 9%
$242,589
Alternative Uses
Best Use
Multifamily LT 5
$349.9K
$306.2K – $408.2K
NOI $24,494 @ 7.0% cap · market cap 9.25%
Second Best
Apartment 5plus
$311.9K
$272.9K – $363.9K
NOI $21,833 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$704.8K
$616.7K – $822.2K
NOI $49,334 @ 7.0% cap · market cap 18.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
Demographics for 41016, KY
5,684
Population
2,958
Households
1.9
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
1.5 sq mi
ZIP Area
3,789
Density / Sq Mi
$61,748
Median Household Income
$42,103
Median Earnings
$1,034
Median Rent
$151,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate entrances plus shared basement laundry and storage areas.
Where is this duplex located?
The property is located at 463465 463 465 Hazen St Covington, KY.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: 2,730‑square‑foot duplex with two separate living units; First‑floor unit includes 1 bedroom, living and dining rooms, and a covered side porch; Second- and third‑floor unit offers 3 bedrooms plus an additional side room
